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"We remove Applied Materials (AMAT) from the Conviction List with a) the stock having outperformed our semiconductor and semi capital equipment coverage by 1100bps/2600bps over the past 3/6 months, and b) limited near-term catalysts. That said, we maintain our Buy rating on AMAT for the reasons listed below and continue to view the company as a long-term winner in the semi cap equipment market," said analyst Toshiya Hari.

For an analyst ratings summary and ratings history on Applied Materials click here. For more ratings news on Applied Materials click here.